Newcrest Mining (MCN)

Newcrest Mining’s results for the 2012 financial year have prompted downgrades from some analysts. Morningstar downgraded its call to “accumulate” and lowered its fair value estimate to $38. The research house says the result was weaker than expected, but in line with forecasts, mostly due to rising costs. Goldman Sachs has also downgraded its forecasts significantly to reflect a less aggressive expansion at Cadia East.